The GST came into force at a historic midnight
session in the Central Hall of Parliament when
President Pranab Mukherjee and PM Modi jointly
pressed a buzzer to mark the launch of the new
modern tax system.
PM Modi today said that the Government is
to more tough acon
helping in hiding black money. Govt has cancelled
of over 1 lakh companies and more
than 37,000 shell firms have been idenfied
India should have a "new normal" with cizens
ready to pay the taxes they need to pay and a
new mindset to move from a developing naon
to a developed one, Finance Minister Arun Jaitley
said here today.
The health of India’s banking system deteriorated
further in the second half of last fiscal year due to
rising bad loans and eroding profitability, but the
RBI signalled it is determined to connue
path of prudent regulaons
and go by the rule
book to improve the standards.
replace credit discipline and appreciaon
of commercial contracts in order to
ensure a robust financial system,
" said the
Financial Stability Report with a foreword by
deputy governor NS Vishwanathan.
The RBI Deputy Governor Viral Acharya said it
was "very reasonable" to ask banks to make
provision for 50% of the amount of defaulted
under the country's insolvency
and bankruptcy code (IBC). Acharya's comments
confirm local media reports that the RBI had
asked lenders to set aside 50% of the defaulted
RBI has said that it would conduct a strict
of the demonezed
by district central cooperave
banks (DCCB). The
move follows a gazee
on June 21st
by the Government enabling the DCCBs to deposit
currency with RBI.
‐Times of India
SBI today announced its GST ready soluons,
including the introducon
of online payment
through internet banking and debit card. Starng
today, the SBI account holders can deposit GST of
upto Rs. 10,000, in cash, cheque or dra
any of the SBI branches across the country.
ICICI Bank said it will raise up to Rs 25,000 crore
by issuing securies
on a private placement basis
to fund increasing lending operaons.
Cyber crooks have found a crack to siphon money
from high‐tech banking app BHIM. The revelaon
a team of Special Task Force (STF) of
UP Police arrested 2 people, including a bank
employee, who allegedly duped nine people and
illegally withdrew over Rs 45 lakh from their bank
accounts by making 240 transacons.
loophole has le
the banking sector worried as it
exposes the threat UPI based transacon
The country's forex reserves surged by $576.4
million to touch a new life‐me
high of $382.53
billion in the week to June 23, helped by a rise in
foreign currency assets (FCAs), the RBI said.
In the previous week, the reserves had zoomed by
$799 million to $381.955 billion.
failed to do what it was
supposed to do and its impact is turning out to be
more protracted than inially
expected, a New
York Times commentary has said. And even from
the point of view of promong
digital money, thefi
Government need not have put 86% of all
currency out of circulaon,
says Kaushik Basu,
the C. Marks Professor of Internaonal
and professor of Economics at Cornell
was too coarse an
approach, and it accomplished too lile
causing too much collateral damage,
" said Basu.